Very successful exit: sonnen sold to Shell
Very successful exit: sonnen sold to Shell
Today it was announced that Shell Overseas Investments will acquire sonnen Group, a portfolio company of eCAPITAL AG and the leading provider of intelligent energy storage and innovative energy services. That means that post regulatory approval and completion sonnen will become a wholly owned subsidiary of Shell.
“sonnen is one of the global leaders in smart, distributed energy storage systems and has a track record of customer-focused innovation. Full ownership of sonnen will allow us to offer more choice to customers seeking reliable, affordable and cleaner energy,” Mark Gainsborough, Executive Vice President New Energies at Shell, said. “Together, we can accelerate the building of a customer-focused energy system in support of Shell’s strategy to offer more and cleaner energy solutions to customers.”
Christoph Ostermann, Chief Executive Officer and Co-Founder of sonnen, said: “Shell New Energies is the perfect partner for helping us grow in a market that is expanding rapidly. With this investment we’re excited to help more households to become energy independent and benefit from new opportunities in the energy market. Shell will help drive the growth of sonnen to a new level and help speed up the transformation of the energy system.”
“With its intelligent, decentralized approach sonnen revolutionized the energy industry and has found with Shell the ideal partner to expand its leading market position” adds Dr. Paul-Josef Patt, CEO of the VC lead investor eCAPITAL. “We are proud, that we successfully supported sonnen as the first external investor together with later co-investors MVP, SET Ventures, GE Ventures and Inven Capital on its journey from a small German startup with 20 employees to a global innovation leader.
sonnen offers smart energy storage and digital energy services to customers via its sonnenCommunity platform. For example, the sonnenBatterie optimises the use of solar power in a household and supplies energy at night using stored solar power generated in daytime. By combining its technology with new business models for a decentralised energy system sonnen has been a pioneer in the energy market. Recently, sonnen put Germany’s biggest virtual battery into operation, which is based on a network of home electricity storage systems across the country to help balance power supply and demand on the power grid.
About eCAPITAL AG
eCAPITAL AG, based in Münster, is a capital management company for alternative investment funds (AIF) in accordance with the EuVECA Regulation. The company is one of the leading venture capital investors in Germany and has been actively supporting innovative entrepreneurs in promising sectors since 1999. The focus is on fast-growing companies in the software / IT, industry 4.0, cleantech and new materials segments. eCAPITAL currently manages six funds with a subscription capital of over 240 million euros. Further information is available at: www.ecapital.de/en/
The sonnen Group is one of the leading manufacturers of smart residential storage systems and is a pioneer of technologies for a clean, decentralized and connected energy system. As one of Germany’s and Europe’s fastest growing tech companies, sonnen has received multiple international awards. With its virtual battery that is based on digital connected residential storage systems, sonnen offers new and highly innovative energy services for grid providers and customers. sonnen offers its products in many different countries and has locations in Germany, Italy, UK, Australia and the USA. For more information, go to www.sonnengroup.com
About Shell New Energies
Shell established its New Energies division in 2016. Shell New Energies focuses on two main areas: new fuels for transport, such as advanced biofuels and hydrogen; and power, being involved at almost every stage of the process, from generating electricity, to buying and selling it, to supplying it directly to customers. Shell aims to make electricity a significant part of its business.
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